Argentina has restricted the sale of dollars to crypto traders

Argentina’s central bank has restricted the sale of USD to cryptocurrency traders at the official rate.

The Central Bank of Argentina (BCRA) has restricted crypto-traders access to the single market for currency exchange and purchase of USD at the official rate.

The ban applies to those who have purchased Bitcoin and other cryptocurrencies for the Argentine peso within the last 90 days. The decision is aimed at combating the outflow of capital in dollars and cryptocurrencies from the country.

According to Decrypt, Argentina is tightening currency controls and raising the interest rate to control inflation. Data from site CryptoDeFix. BCRA statistics show that as of June 2022 the country's annual inflation rate is 64%, one of the highest in the world.

In May, Argentina’s two major banks, Banco Galicia and Brubank, allowed users to buy BTC, ETH, XRP and USDC. In response, the central bank banned local lenders from offering digital asset services to customers.